Skadden, Arps, Slate, Meagher & Flom LLP advised GX Acquisition Corp. on the deal. Cooley LLP advised Celularity on the deal.
GX Acquisition Corp. and Celularity Inc. entered into a definitive merger agreement pursuant to which GX Acquisition Corp. will combine with Celularity. Upon the closing of the transaction, which is expected to occur in the second quarter of 2021, GX Acquisition Corp. will be renamed Celularity Inc., and its common stock and warrants are expected to remain listed on Nasdaq under the new ticker symbols “CELU” and “CELUW.”
In addition to the approximately $292 million held in GX Acquisition Corp.’s trust account (assuming no stockholder redemptions are effected), a group of existing and other institutional investors have committed to participate in a concurrent equity financing through the sale of approximately $80 million of GX Acquisition Corp. Class A common stock at $10.00 per share. Investors in the PIPE include existing Celularity stockholders or their affiliates including Starr Insurance Companies, Dragasac Limited, Sorrento Therapeutics, as well as unaffiliated institutional investors.
Celularity is a clinical-stage biotechnology company leading the next evolution in cellular medicine with the development of allogeneic placental-derived cell therapy products, including genetically engineered placental-derived natural killer (“NK”) cells and unmodified NK cells; placental-derived T cells engineered with a chimeric antigen receptor (“CAR -T cells”); and mesenchymal-like adherent stromal cells (“ASCs”). The cell therapy products are being developed to target indications across cancer, infectious and degenerative diseases.
GX Acquisition Corp. is a blank check company incorporated in Delaware for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities. GX Acquisition Corp. is led by Jay R. Bloom and Dean C. Kehler, who serve as Managing Partners of Trimaran Capital Partners.
Ardea Partners LP is serving as lead financial advisor to Celularity. Morgan Stanley & Co. is also serving as a financial advisor. Truist Securities and Oppenheimer & Co. Inc. are acting as capital markets advisors to Celularity. Cooley LLP is serving as legal counsel to Celularity.
Credit Suisse served as lead capital markets advisor and lead private placement agent on the PIPE to GX Acquisition Corp. Cantor Fitzgerald also served as capital markets advisor to GX Acquisition Corp.
The Skadden team advising GX included M&A partners Michael Chitwood (New York; Picture), Michael Civale (New York) and Howard Ellin (New York), and associate Marcel Rosner (New York); Capital Markets partner Michelle Gasaway (Los Angeles) and associate Griffin Drake (Los Angeles); Tax partnerVictor Hollender (New York); Intellectual Property and Technology partner Resa Schlossberg(New York); Executive Compensation and Benefits partner Joseph Penko (New York) and counsel Page Griffin (New York); Life Sciences and Health Care partner Maya Florence (Boston); Litigation counsel Avia Dunn (Washington, D.C.); and National Security and CFIUS partnerJeffrey Gerrish (Washington, D.C.) and counsel Brooks Allen (Washington, D.C.).
The Cooley team included Kevin Cooper (Picture), Yvan-Claude Pierre, Marc Recht, Kevin Cooper and Marianne Sarrazin, Izzy Lubarsky, DeVon Barnett, Julia Brinton, Megan Browdie, Bill Christiansen, Joshua Friedman, Jacqueline Grise, Rick Jantz, Natasha Leskovsek, Elizabeth Lewis, Eileen Marshall, Philip Mitchell, Elizabeth Schauber, Sana Shakir, Roman Shapurko, MaryBeth Shreiner, Zachary Sonenshine, Geoffrey Spolyar and Jessica Winn.
Involved fees earner: DeVon Barnett – Cooley LLP; Julia Brinton – Cooley LLP; Megan Browdie – Cooley LLP; Bill Christiansen – Cooley LLP; Kevin Cooper – Cooley LLP; Joshua Friedman – Cooley LLP; Jacqueline Grise – Cooley LLP; Rick Jantz – Cooley LLP; Natasha Leskovsek – Cooley LLP; Elizabeth Lewis – Cooley LLP; Eileen Marshall – Cooley LLP; Philip Mitchell – Cooley LLP; Yvan-Claude Pierre – Cooley LLP; Marc Recht – Cooley LLP; Marianne Sarrazin – Cooley LLP; Elizabeth Schauber – Cooley LLP; Sana Shakir – Cooley LLP; Roman Shapurko – Cooley LLP; MaryBeth Shreiner – Cooley LLP; Zachary Sonenshine – Cooley LLP; Geoffrey Spolyar – Cooley LLP; Jessica Winn – Cooley LLP; Brooks Allen – Skadden Arps Slate Meager & Flom; Michael Chitwood – Skadden Arps Slate Meager & Flom; Michael Civale – Skadden Arps Slate Meager & Flom; Griffin Drake – Skadden Arps Slate Meager & Flom; Avia Dunn – Skadden Arps Slate Meager & Flom; Howard Ellin – Skadden Arps Slate Meager & Flom; Maya Florence – Skadden Arps Slate Meager & Flom; Michelle Gasaway – Skadden Arps Slate Meager & Flom; Jeffrey Gerrish – Skadden Arps Slate Meager & Flom; Page Griffin – Skadden Arps Slate Meager & Flom; Victor Hollender – Skadden Arps Slate Meager & Flom; Joseph Penko – Skadden Arps Slate Meager & Flom; Marcel Rosner – Skadden Arps Slate Meager & Flom; Resa Schlossberg – Skadden Arps Slate Meager & Flom;